Back in January we heard that Hutchison Wampoa would be buying O2 from Telefonica in a deal which was worth £10.25 billion.
Now the two companies have confirmed that the deal is going ahead and the final terms of the acquisition have been agreed.
Hutchison Whampoa has today agreed definitive terms to acquire O2 in the UK from Telefónica. The deal agreed is the result of a period of exclusive discussions between the two companies. Closing of the deal is subject to regulatory approvals, but would bring together two respected mobile businesses in the UK.
O2’s vision has always been to provide the very best customer experience. This deal will – subject to merger clearance – result in the creation of the most customer-centric mobile operator in the UK. We are pleased to be integral to such an exciting ambition and are confident that as a result of the deal, UK customers will benefit from greater value, quality and innovation. We also fully expect that new and exciting opportunities will open up for employees of both businesses
For the deal to proceed further both O2 and Hutchison Wampoa will need to get approval from both the UK and European regulators and this could possibly take up to a year.